05:36 PM EDT, 06/03/2024 (MT Newswires) -- Fairfax India Holdings Corporation (FIH-U.TO) said Monday board chair Prem Watsa will step down on July 1 and be replaced in the role by his son, Ben Watsa.

Prem will continue to serve on the board of directors of Fairfax India.

Ben is the Founder and chief executive of Marval Capital, an investment firm that focuses on the Indian market, specializing in small and mid-cap publicly listed companies. He has 23 years of investment-industry experience and serves on the board of Fairfax Financial Holdings ( FRFHF ) .

In addition, Fairfax India said Gopal Soundarajan, currently chief operating officer of Fairfax India, will be appointed as the company chief executive effective July 1.

Current chief executive Chandran Ratnaswami will become executive vice chairman.